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Jun 7, 2013

U.S.-China corporate audit rift persists as summits begin

June 7 (Reuters) – The Obama administration is under
pressure from large corporations and a senior U.S. senator to
revisit oversight of Chinese corporate audits at upcoming summit
meetings, as disputes persist despite a partial deal on the
issue reached in May.

U.S. President Barack Obama is set to meet Friday and
Saturday with Chinese President Xi Jinping. Their discussions
were likely to focus on other topics, but New York Senator
Charles Schumer has urged the two leaders to take up the
auditing issue.

Jun 6, 2013
via Tax Break

Calendar

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Some important tax and accounting events in the week ahead:

Monday, June 10 – Wednesday, June 12

Federation of Tax Administrators annual meeting. Hyatt Regency. Albuquerque, New Mexico.

 Tuesday, June 11

U.S. Internal Revenue Service and Treasury Department officials join panel on recent changes to corporate taxation regulations covering corporate sales or distribution of stock in another corporation. Noon – 1:45 p.m. ET, D.C. Bar Conference Center. Washington

May 23, 2013

Auditor watchdog finds fault with Ernst & Young

By Nanette Byrnes

(Reuters) – The regulator of corporate auditors said on Thursday that the U.S. arm of global accounting firm Ernst & Young failed to fix quality control problems found in earlier reviews.

The report from the Public Company Accounting Oversight Board (PCAOB) is a blow for the firm, which markets itself as a global leader in audit quality.

May 17, 2013
via Tax Break

Calendar

Photo

Some important dates in the week ahead:

 

 Monday, May 20

 

Securities and Exchange Commission accountants address SEC financial reporting at the Compliance Week annual conference. Washington.

 

 Monday, May 20 – Tuesday, May 21

 

The American Institute of Certified Public Accountants conference on income and estate taxes and high-income taxpayers, and other topics. Las Vegas.

May 16, 2013

What Congress should ask IRS, but probably won’t

By Nanette Byrnes

(Reuters) – The House of Representatives Ways and Means Committee on Friday will hold the first of three hearings on the Internal Revenue Service “Tea Party” targeting scandal.

Tax experts hope the hearings go beyond finger-pointing and get to the heart of the IRS’s long-standing problems. If they can get past the fist-pounding stage, here are some questions lawmakers should ask:

May 15, 2013

More tax lobbyists working Washington’s hallways, meeting rooms

May 15 (Reuters) – The ranks of lobbyists are growing in
Washington again as Congress flirts with a possible overhaul of
the complex U.S. tax code.

After declining for two years, the number of companies that
hired a tax lobbyist, or lobbied on tax issues using in-house
staff, rose modestly to 1,509 in the first three months of 2013,
up from 1,487 during the same quarter a year ago, according to
government filings analyzed by the nonpartisan watchdog group
the Center for Responsive Politics.

Apr 30, 2013

IRS eyes U.S. accounts at Caribbean bank

By Nanette Byrnes

(Reuters) – The Justice Department said on Tuesday that a federal court had authorized the Internal Revenue Service to seek information on U.S. taxpayers who may have accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank (FCIB).

In a move resembling a recent IRS inquiry into Americans with Swiss bank accounts, the Justice Department said a court order would let the IRS serve a ‘John Doe’ summons seeking records of FCIB’s U.S. correspondent account at Wells Fargo & Co. A correspondent account is a bank deposit account maintained by one bank for another bank.

Apr 30, 2013

U.S. taxpayer Caribbean accounts targeted: Justice Department

By Nanette Byrnes

(Reuters) – The Justice Department said on Tuesday that a federal court had authorized the Internal Revenue Service to seek information on U.S. taxpayers who may have accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank (FCIB).

In a move resembling a recent IRS inquiry into Americans with Swiss bank accounts, the Justice Department said a court order would let the IRS serve a ‘John Doe’ summons seeking records of FCIB’s U.S. correspondent account at Wells Fargo & Co. A correspondent account is a bank deposit account maintained by one bank for another bank.

Apr 30, 2013

U.S. taxpayer Caribbean accounts targeted -Justice Dept.

April 30 (Reuters) – The U.S. Justice Department said on
Tuesday that a federal court had authorized the Internal Revenue
Service to seek information on U.S. taxpayers who may have
accounts at Canadian Imperial Bank of Commerce FirstCaribbean
International Bank (FCIB).

In a move resembling a recent IRS inquiry into Americans
with Swiss bank accounts, the Justice Department said a court
order would let the IRS serve a ‘John Doe’ summons seeking
records of FCIB’s U.S. correspondent account at Wells Fargo & Co
. A correspondent account is a bank deposit account
maintained by one bank for another bank.

Apr 30, 2013

Justice Dept. targets U.S. taxpayer accounts at Caribbean bank

April 30 (Reuters) – The U.S. Justice Department said on
Tuesday that a federal court has authorized the Internal Revenue
Service to seek information on U.S. taxpayers who may have
accounts at Canadian Imperial Bank of Commerce FirstCaribbean
International Bank (FCIB).

In a move resembling a recent IRS inquiry into Americans
with Swiss bank accounts, the department said a court order will
let the IRS serve a ‘John Doe’ summons seeking records of FCIB’s
U.S. correspondent account at Wells Fargo & Co.